Posts

• April 9, 2009

  Bank of Canada Review - Spring 2009

  

  Examination of progress in the Bank’s exploration of two alternatives to the current inflation-targeting framework: (i) lowering the inflation target and (ii) shifting to a price-level target; a review of arguments for and against price-level targeting, focusing on its costs and benefits compared with inflation targeting; assessing the merits of price-level targeting vis-à-vis inflation targeting from a debt-revaluation perspective; quantifying redistribution of wealth in Canada in the face of unexpected inflation.

  Content Type(s): Publications, Bank of Canada Review
• April 9, 2009

  Bank of Canada Announces Details of its Term Loan Facility Operation

  In accordance with the schedule of Term Loan Facility (TLF) auctions announced on 6 March, the Bank of Canada announced today that it will conduct a 28-day TLF operation as follows.

  Content Type(s): Press, Market notices
• April 9, 2009

  Bank of Canada Announces Details of its Term PRA for Private Sector Instruments Operation

  In accordance with the schedule of term purchase and resale agreement (PRA) auctions for private sector instruments announced on 6 March, the Bank of Canada announced today that it will conduct a 28-day term PRA operation for private sector instruments as follows.

  Content Type(s): Press, Market notices
• April 9, 2009

  Bank of Canada Announces Details of its Term PRA Operation

  In accordance with the schedule of term purchase and resale agreement (PRA) auctions announced on 6 March, the Bank of Canada announced today that it will conduct a 28-day term PRA operation as follows.

  Content Type(s): Press, Market notices
• April 9, 2009

  Results of the 9 April 2009 Sale of Treasury Bills for Balance Sheet Management Purposes

  Results of the 9 April 2009 Sale of Treasury Bills for Balance Sheet Management Purposes.

  Content Type(s): Press, Market notices
• April 8, 2009

  Price-Level Targeting and Stabilization Policy: A Review

  Bank of Canada Review - Spring 2009 Steve Ambler

  This article reviews arguments in the literature for and against price-level targeting, focusing on its costs and benefits compared with inflation targeting. Benefits of price-level targeting include the effect on forward-looking inflation expectations; the ability to substitute for commitment by a central bank to its future policies; lessening forecast errors; better economic performance in response to real shocks because of lower wage indexation; and a reduction in the problem of the zero lower bound on nominal interest rates.

  Content Type(s): Publications, Bank of Canada Review articles Topic(s): Inflation and prices, Inflation: costs and benefits, Monetary policy framework
• April 7, 2009

  Results of the 7 April 2009 Term PRA Transaction for Private Sector Instruments

  The results of today's term PRA operations are as follows.

  Content Type(s): Press, Market notices
• April 7, 2009

  Price-Level Uncertainty, Price-Level Targeting, and Nominal Debt Contracts

  Bank of Canada Review - Spring 2009 Allan Crawford, Césaire Meh, Yaz Terajima

  Many central banks around the world have embraced inflation targeting as a monetary policy framework. Interest is growing, however, in price-level targeting as an alternative. The choice of frameworks has important consequences for financial contracts, most of which are not fully indexed to the price level. Changes in the price level therefore lead to changes in the real value of contracts.

  Content Type(s): Publications, Bank of Canada Review articles Topic(s): Inflation targets, Inflation: costs and benefits, Monetary policy framework
• April 7, 2009

  Bank of Canada Announces the Minimum Bid Rate for Today's Term PRA Facility for Private Sector Instruments

  The minimum bid rate for today's 85-day Term PRA Facility for Private Sector Instruments is 0.62%.

  Content Type(s): Press, Market notices
• April 6, 2009

  Results of the 6 April 2009 Term PRA Transaction

  The results of today's term PRA operations are as follows.

  Content Type(s): Press, Market notices